BYRON YORK: New report cites ‘REGULATORY TSUNAMI’ under OBAMA | Campaign 2012
By Byron York Chief Political Correspondent
The number and scope of federal regulations, along with the costs of those regulations and the number of federal regulators, are all growing despite an executive order from President Obama that was touted as a measure to curb over-regulation, according to a new report by the House Government Oversight and Reform Committee.
The report says the Obama administration has “imposed 75 new major regulations costing more than $380 billion over ten years.” In addition, the report says there are 219 more “economically significant regulations” in the works which will cost businesses $100 million or more each year — for a minimum cost of $21 billion over ten years. The number of pages in the Federal Register, in which such rules are recorded, is increasing rapidly, the report says, and “pages devoted to final rules rose by 20 percent between 2009 and 2010, and proposed rules have increased from 2,044 in 2009 to 2,439 in 2010.”
“The Obama administration has created a regulatory environment that is suffocating America’s entrepreneurs’ ability to create jobs and grow business,” writes committee chairman Rep. Darrell Issa, Republican from California. “The result has been a regulatory tsunami that has stifled productivity, wages, job creation and economic growth.”